I’ve got a confession. There’s only about two weeks of living expenses left in my bank account before I go broke. It’s very unsettling that I may have to ask for a loan to make ends meet in case something bad happens. Dad, are you reading this?
In need of some therapy, I discussed my tenuous financial situation with a tennis buddy on the public court one afternoon. He told me to hang in there and revealed a rough patch where he once racked up $50,000 in credit card debt. He felt like he was drowning because he could only afford slightly over the minimum payment each month.
When I asked him what made him go into so much credit card debt, he confessed he has a gambling addiction. Like me, he loves playing Texas no limit hold’em. But unlike me, he decided to venture into the bigger $10/$20 no-limit games where the average player held roughly $5,000 in chips. He got bad-beat one too many times and resorted to withdrawing cash from his credit card at a 24.99% interest rate to feed his poker addiction.
I don’t know how much my tennis buddy makes, but I can’t imagine he makes much more than $65,000 a year working at the San Francisco International Airport. It took about two and a half years for him to get rid of his credit card debt after a family intervention made him stop.